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Sri Lanka Equity Forum » Stock Market Talk » LOLC dethrones JKH to become most profitable listed corporate

LOLC dethrones JKH to become most profitable listed corporate

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Harry82

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
LOLC Group records PAT of Rs. 21 bn for 2016/17


Print Edition

LOLC Group concluded an excellent year sealed by its strongest financial performance to date and for the year ended March 31, 2017, the Group recorded PBT of 24.4 billion and PAT of Rs. 20.9 billion, an increase of 106% and 124% respectively, compared to the previous year.
The consolidated gross income grew by 37% to Rs. 92 billion, while the interest income from financial services grew by 41% to Rs. 55 billion. The total assets of the Group increased to Rs. 641 billion, a growth of 69% over last year.
Despite external challenges, the Group’s resilient financial sector, led by the key players, LOLC Finance PLC (LOFC), Commercial Leasing and Finance PLC (CLC), LOLC Micro Credit Ltd (LOMC) and BRAC Lanka Finance PLC (BRAC) delivered a consistent strong financial performance.
The flagship finance company of the Group, LOFC recorded a PBT of Rs. 2.2 billion, with an asset base of Rs. 123 billion, a deposit base of Rs. 81 billion and an advances portfolio of Rs. 91 billion, thus making LOFC one of the strongest and largest NBFIs in the country.
CLC, a turnaround case study since its acquisition by LOLC in 2008, recorded PBT of Rs. 2.2 billion, with an asset base of Rs. 78 billion, a deposit base of Rs. 16 billion and an advances portfolio of Rs. 54 billion.
LOMC, the largest private sector micro credit company in the country, achievedPBT of Rs. 2.5 billion with an asset base of Rs. 63 billion and an advances portfolio of Rs. 50 billion.
Seylan Bank, an associate company of the Group contributed well to the Group’s financial performance with a contribution of Rs. 1.4 billion as profits.
The Group’s Insurance businesses, LOLC Life Assurance and LOLC General Insurance, have performed well during the year, positioning themselves among the top 10 players in both general and life business in terms of Gross Written Premiums in less than four years of operations.
The general business contributed Rs. 310 million as profits, while the Life business recorded a Rs. 320 million as surplus during the last financial year.
LOLC Cambodia PLC, the fourth largest microfinance institution in Cambodia, made significant contribution to the Group’s profit with Rs. 2.5 billion holding an asset base Rs. 42 billion, a deposit base of Rs. 5 billion and an advances portfolio of Rs. 36 billion.
LOLC Myanmar, the greenfield operation established in 2013, has demonstrated remarkable growth, reaching profitable status in just four years since commencement of business.
The profit contribution to the Group was Rs. 61 million with an asset base of Rs. 2 billion, a deposit base of Rs. 460 million and an advances portfolio of Rs. 1.6 billion.
LOLC was the first Sri Lankan organisation and the fourth international operator to commence operations in the Myanmar financial sector.
The Battery Division performed with its renowned brands such as EXIDE, LUCAS and Dagenite where EXIDE maintained its standing with 58% market share. In line with the Group’s dynamic investment management process, the Group divested two of its plantations, Agalawatte and Pussellawa, in the year under review with significant returns to shareholders.
In the meantime, the restructuring strategy adopted by the Group with the entry into the plantation sector, saw strong operational performance at Maturata plantations. Galoya Plantation continues with its sugar production and is venturing into other value added services in the medium term.
The construction arm of the group, Sierra, too completed a notable year with a profit contribution to the LOLC Group of Rs. 493 million. The Group’s Leisure portfolio made steady progress, holding four operational hotels: Eden Resort and Spa in Beruwela, Paradise Resort and Spa in Dambulla, Dickwella Resort and Spa in the deep South and Calm Resort in Pasikudah.




EquityChamp

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Moderator
The result has to be normalized for the massive one-off gains. Otherwise the whole story is misleading.

Joe007


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hi guys,
After long time.
Equitychamp, you are right .
Also please note that there is no gain in the PRASAC acquisition. It has been over paid for the stake. There is something there involved possibly manupulation or commission involved internal during transaction. Wait and see that the NAV will come down slowly and nicely.

Joe007


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
My opinion is sell it at good level. Never hold and wait for more gain. I believe that they are here again to make more money from us

EquityChamp

avatar
Moderator
Hi Joe,
Where were you all these good days. Busy in building your portfolio Very Happy

Joe007


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hi Equitychamp,
I was very busy with my property maintenance but I have invested in CSE with long term plan.

EquityChamp

avatar
Moderator
Good Joe. So let us know some of your picking for the future of CSE Basketball

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